Electric vehicle (EV) technology startup Electrifuel said on Wednesday it has raised Rs 1.8 crore in funding from the Indian Angel Network (IAN), led by lead investors Vishnuraj Kunjur, Sahil Kejriwal, and Pradeep Gupta.
The startup said it would use the funds to hire for multiple roles as it expands its team to scale production and to invest in research and development (R&D).
Founded in 2017 by Sumesh Kumar, Sunil Kumar, Abhishek Kumar, and Ujjwal Bhardwaj, Electrifuel helps EV and battery manufacturers provide Products with precise geolocation and cellular connectivity, efficient and fast charging, battery swapping, warranty, and service management.
“While we have been a bootstrapped company since our inception, with IAN backing us now, we will scale up at a much faster pace and grow our team. We are looking to speed up the development of new products, acquire more clients, and expand your overall footprint,” said Ujjwal Bhardwaj, co-founder of Electrifuel.
The EV startup claims to have deployed more than 15,000 units of its products to over 25 customers and is in trials with four battery manufacturers. Apart from a battery management system, they provide hardware such as a motor controller, vehicle control unit, telematics, and a complete suite of web & mobile apps for enterprises and customers.
“Electrifuel has developed proprietary, indigenous battery management (BMS), telematics hardware, and EV operating system through its SaaS model. Their equipment and software model is proven considering the number of units implemented by leading manufacturers such as Green fuel, Indigrid, Waaree, and Hyperx, among others. We are excited to be part of Electrofuel’s journey, growth, and mission,” said Vishnuraj Kunjur, lead investor at IAN.
